Minimum Capital and Surplus Requirements
STATUTORY MINIMUM CAPITAL AND SURPLUS REQUIREMENTS
The chart below identifies the minimum capital and surplus requirement for each Uniform State. A link to the Application instructions for Primary Application, Section II, Filing Requirement Item 3; Expansion Application, Section II, Filing Requirement Item 3; and Corporate Amendment Application Section I and V, Filing Requirement Item 5 are provided.
State
AL
= This information has been updated by the state department of insurance.
Dollar Amount/Code Citation/ Instructions
? 27-3-7 and 27-3-8 Code of Alabama, as amended.
Instructions: Amount is calculated using table in statute based on lines of authority approved in domestic state. AK AS 21.09.070 and 3 ACC 28.050 for companies writing variable lines of business.
Instructions: Amount is calculated using table in statute based on lines of authority approved in domestic state. AZ A.R.S. ? 20-210 through 20-212
Mortgage Guaranty Prepaid Legal Title
A.R.S. 20-1541 A.R.S. 20-1097 A.R.S. 20-1561
Instructions:
Amount is calculated using table in statute based on lines of authority approved in domestic state.
AR Ark. Code Ann. 23-63-205 and 23-63-207
Amount is calculated using table in statute based on lines of authority approved in domestic state.
CA P&C:
Statutory minimum paid-in capital is between $1 to $2.6 million and minimum surplus is between $1 to $2.8 million. (?
700.01-700.05)
Life & disability:
Both statutory minimum paid-in capital & statutory minimum surplus are $2.5 million. (? 10510, 10511, 10512 and 700.02 and 700.05.)
Instructions: Commissioner has discretion to require aggregate capital & surplus above statutory mini-mums prior to admission.
? 2020 National Association of Insurance Commissioners
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State
Dollar Amount/Code Citation/ Instructions
CT Specific to the lines of business to be transacted (C.G.S. ?38a-72).
Instructions: See Connecticut's State-Specific Information in the State Charts for specific amounts.
CO The greater of:
? The statutory minimum in ?10-3-201, C.R.S. ? Three times the Authorized Control Level of the RBC Results. ? 10 times the highest net single risk insurance (for Property and Casualty only).
DE [18 Del. C. ? 511(a)]
Life Stock & Mutual Insurer Capital Stock $300,000 Free Surplus $150,000
Health Stock, Mutual & Reciprocal Insurer Capital Stock $300,000 Free Surplus $150,000
Life & Health Stock & Mutual Insurer Capital Stock $350,000 Free Surplus $200,000
Property Stock, Mutual& Reciprocal Insurer Capital Stock $300,000 Free Surplus $150,000
Casualty Stock, Mutual & Reciprocal Insurer Capital Stock $400,000 Free Surplus $200,000 Marine & Transportation Stock, Mutual & Reciprocal Insurer Capital Stock $350,000 Free Surplus $175,000 Surety Stock, Mutual & Reciprocal Insurer Capital Stock $300,000 Free Surplus $150,000
Multiple Line Stock, Mutual & Reciprocal Insurer Capital Stock $500,000 Free Surplus $250,000
Title Stock Insurer Capital Stock $250,000 Free Surplus $125,000
DC Property & Casualty - (Capital-$300,000 plus Surplus-$300,000); Total $600, 000. DC Code ? 31-2502.13
Life - (Capital-$1,000,000. plus Surplus-50% of Capital). Total $1,500.000. DC Code ? 31-4408 and ? 31-4501.
Health Maintenance Organization - Initial net worth requirement is $1,500,00. DC Code ? 31-3412(a)
Title Insurers ? Minimum paid in capital of $500,000 and paid-in initial surplus of $500,000 for a total minimum capital and surplus of $1 DC Code ? 31-5031.05.
million.
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State
FL
GA
Dollar Amount/Code Citation/ Instructions
Property and Casualty Insurers ? greater of $5 million or 10% of total liabilities (F.S. 624.407)
Exception: financial guaranty insurance requires the total policyholder surplus to exceed $100 million (F.S. 627.973(1)(a); residential property insurer
not holding a Certificate of Authority before July 1, 2011, $15 million (F.S. 624.408(1)(f)); domestic residential property insurer $15 million if not a
wholly owned subsidiary of an insurer domiciled in another state (F.S. 624.407(1)(e)); domestic residential property insurer that is a wholly owned
subsidiary of an insurer domiciled in another state $50 million (F.S. 624.407(1)(e)); domestic insurer that only transacts limited sinkhole coverage for
personal lines residential property pursuant to F.S. 627.7151, $7.5 million; domestic mutual insurers are governed by F.S. 628; domestic reciprocal
insurers are governed by F.S. 629
Mono-line insurer, Title, Surety, or Ocean Marine ? greater of $2.5 million or 10% of insurer's total liabilities (F.S. 624.407)
Financial Guaranty Insurance Corporation ? at least $50 million
Life Insurers ? greater of $2.5 million or 4% of the insurer's total liabilities (F.S. 624.407)
Life and Health Insurers ? greater of $2.5 million or 4% of the insurer's total liabilities plus 6% of the insurer's liabilities relative to health insurance
(F.S. 624.407)
Fraternal Benefit Society ? Florida Statutes require that the society must not be in unsound financial condition or use methods or practices that are
hazardous or injurious to policyholders or the public (F.S. 632.633 and F.S. 624.418).
Minimum Capital and Surplus of $3,000,000
O.C.G.A. ?33.-3-6 and 33-3-7
HI Depends on the line of business to be transacted
(? 431:3-205, HRS), (? 431:3-208 HRS)
ID Life, Disability and Life and Disability Paid up Capital Stock or Basic Surplus - $1,000,000 Additional Surplus - $1,000,000
Property, General Casualty, Marine and Transportation, Vehicle and Surety Paid up Capital Stock or Basic Surplus - $1,000,000 Additional Surplus - $1,000,000
Any two of the following kinds of insurance: Property, marine & transportation, general casualty, vehicle, surety, disability. Paid up Capital Stock or Basic Surplus - $1,000,000 Additional Surplus - $1,000,000
Multiple lines (all insurance except life and title insurance) Paid up Capital Stock or Basic Surplus - $1,000,000 Additional Surplus - $1,000,000
Mortgage guaranty insurance Paid up Capital Stock or Basic Surplus - $1,500,000 Additional Surplus - $1,500,000 ? If authorized for Managed Care only, minimum capital and surplus may be determined by
?41-3905(8) and IDAPA 18.01.26.
** If authorized for Limited Managed Care Plan, minimum capital and surplus may be determined by ? 41-3905(2).
? 2020 National Association of Insurance Commissioners
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State
IL
Primary & Expansion App:
Stock ? Life
Capital
Surplus
Deposit
Mutual ? Life
Capital Surplus Deposit
Stock ? P&C
Capital Surplus Deposit
Mutual ? P&C
Capital Surplus Deposit
$1,000,000 $1,000,000 $1,500,000
N/A $2,000,000 $1,500,000
$1,000,000 $1,000,000 $1,500,000
N/A $2,000,000 $1,500,000
Dollar Amount/Code Citation/ Instructions
(For limited authority capital and surplus levels see 215 ILCS 5/13)
(Note: Minimum surplus to be maintained, $500,000)
Title Insurance Capital and Surplus
$2,000,000
Deposit
$1,000,000
IN IC 27-1-6-14
?
Stock
IC 27-1-6-15
?
Mutual
IC 27-13-12-2
?
HMO
IC 27-7-3-5
?
Title
IC 27-13-34-16
?
LSHMO
IA Primary & Expansion Apps:
Greater of $5,000,000 or risk-based capital (Iowa Code 508.5 and 515.8)
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State
KS
KY
Stock - P & C
Capital Surplus Deposit
$900,000 $600,000 $900,000*
Dollar Amount/Code Citation/ Instructions
Stock ? Life
Capital $600,000
Surplus $600,000
Deposit $400,000
Stock - Mortgage Guaranty
Capital $1,000,000
Surplus $1,000,000
Deposit $1,000,000*
Stock - Title
Capital $450,000
Surplus $300,000
Deposit $450,000*
Mutual - P&C
Capital N/A
Surplus $1,500,000
Deposit $900,000*
Mutual Life
Capital N/A
Surplus $1,200,000
Deposit $400,000
Mutual - Mortgage Guaranty
Capital N/A
Surplus $2,000,000
Deposit $1,000,000*
*Minimum requires "market value" of securities held for deposit.
The minimum requirements for a property company only (stock and mutual) and a casualty company only (stock and mutual) are one-half of the
requirements noted above.
All foreign stock life/health and property/casualty must have a minimum capital stock of $1,000,000 plus an initial free surplus of $2,000,000.
See KRS 304.3-120.
All foreign mutual life/health, property/casualty, reciprocal and Lloyd's insurers must have a minimum basic surplus of $1,000,000 plus an initial free surplus of $2,000,000. See KRS 304.3-120.
All HMOs must have a minimum capital stock of $1,000,000 plus an initial free surplus of $2,000,000. See KRS 304.38-070. LA Please see Louisiana's State Specific Information in the State Charts for more information. ME Depends on line of business transacted (Title 24-A M.R.S.A. ?410) MD Minimum capital and surplus requirements are set forth in ? 4-103, 4-104, and 4-105 of the Insurance Article of the Annotated Code of Maryland and in
? 19-710 of Article Health-General of the Annotated Code of Maryland.
Instructions: See Maryland's State-Specific Information in the State charts for more information. MA Please see Massachusetts' State Specific Information in the State Charts for more information.
? 2020 National Association of Insurance Commissioners
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